Lightwave Logic Inc Financials
Lightwave Logic Inc (LWLG) reported $250K in revenue over the twelve months to Jun 30, 2026, up 165.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Development-stage economics dominate: financing inflows support liquidity while commercial revenue remains too small to absorb R&D.
Revenue more than doubled to$236.9K in FY2025, yet R&D remained$11.5M , so commercialization has not materially changed the cost structure. Operating cash flow improved from-$15.6M to-$13.7M , indicating lower cash consumption alongside reduced R&D rather than revenue-driven self-funding.
FY2025 total liabilities were only
The liquidity measure equaled 60.2 months of reported FY2025 operating outflow, while financing cash flow was
Financial Health Signals
Lightwave Logic Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Lightwave Logic Inc scores 101.74, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($790.9M) relative to total liabilities ($4.5M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Lightwave Logic Inc passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
Lightwave Logic Inc reported a net loss of $20.3M while operations used $13.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Lightwave Logic Inc generated $237K in revenue in fiscal year 2025. This represents an increase of 147.7% from the prior year.
Lightwave Logic Inc's EBITDA was -$18.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 11.9% from the prior year.
Lightwave Logic Inc reported -$20.3M in net income in fiscal year 2025. This represents an increase of 9.9% from the prior year.
Lightwave Logic Inc earned -$0.16 per diluted share (EPS) in fiscal year 2025. This represents an increase of 15.8% from the prior year.
Cash & Balance Sheet
Lightwave Logic Inc recorded an outflow of $15.1M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 15.4% from the prior year.
Lightwave Logic Inc held $69.0M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Lightwave Logic Inc's gross margin was 97.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 4.8 percentage points from the prior year.
Lightwave Logic Inc's ROE was -27.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 40.2 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Lightwave Logic Inc invested $11.5M in research and development in fiscal year 2025. This represents a decrease of 31.6% from the prior year.
Lightwave Logic Inc invested $1.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 41.3% from the prior year.
Not reported for fiscal year 2025.
LWLG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $33K+12.3% | $29K-81.7% | $159K+445.7% | $29K+13.9% | $26K+11.7% | $23K0.0% | $23K0.0% | $23K |
| Cost of Revenue | N/A | $1K | N/A | N/A | $3K+70.8% | $2K | N/A | $1K |
| Gross Profit | N/A | $28K | N/A | N/A | $22K+6.0% | $21K | N/A | $22K |
| R&D Expenses | $3.9M+11.1% | $3.5M+22.0% | $2.9M-1.9% | $2.9M+11.3% | $2.6M-15.1% | $3.1M-22.7% | $4.0M+4.4% | $3.8M |
| SG&A Expenses | $3.4M+4.9% | $3.3M+6.2% | $3.1M+34.1% | $2.3M-0.4% | $2.3M+25.2% | $1.8M+6.3% | $1.7M+15.9% | $1.5M |
| Operating Income | -$7.3M-8.1% | -$6.7M-16.4% | -$5.8M-11.5% | -$5.2M-5.7% | -$4.9M+0.1% | -$4.9M+14.0% | -$5.7M-7.6% | -$5.3M |
| Income Tax | $0 | $0 | N/A | $0 | $0 | $0 | N/A | $0 |
| Net Income | -$6.6M-5.0% | -$6.3M-13.5% | -$5.5M-8.8% | -$5.1M-2.7% | -$5.0M-5.7% | -$4.7M+15.1% | -$5.5M-4.4% | -$5.3M |
| EPS (Diluted) | -$0.040.0% | -$0.040.0% | -$0.040.0% | -$0.040.0% | -$0.040.0% | -$0.04+20.0% | -$0.05-25.0% | -$0.04 |
Not reported in any period shown, so not listed: Interest Expense.
LWLG Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $108.1M+25.8% | $85.9M+8.5% | $79.2M+76.8% | $44.8M+38.1% | $32.4M-9.0% | $35.6M-5.7% | $37.8M+1.5% | $37.2M |
| Current Assets | $98.1M+28.2% | $76.5M+9.6% | $69.8M+96.9% | $35.5M+55.8% | $22.8M-10.9% | $25.6M-9.1% | $28.1M+2.3% | $27.5M |
| Cash & Equivalents | $47.2M-37.1% | $75.1M+8.8% | $69.0M+97.5% | $34.9M+58.1% | $22.1M-11.7% | $25.0M-9.5% | $27.7M+2.9% | $26.9M |
| Accounts Receivable | $16K-92.5% | $216K+13.1% | $191K+433.5% | $36K+232.5% | $11K-42.7% | $19K-58.8% | $46K+69.9% | $27K |
| Total Liabilities | $3.9M-16.2% | $4.6M+1.4% | $4.5M+26.2% | $3.6M-0.2% | $3.6M-11.9% | $4.1M-6.7% | $4.4M+16.5% | $3.8M |
| Current Liabilities | $1.6M-30.7% | $2.3M+5.4% | $2.1M+87.0% | $1.1M+4.0% | $1.1M-28.6% | $1.5M-13.9% | $1.8M+59.1% | $1.1M |
| Total Equity | $104.2M+28.2% | $81.3M+8.9% | $74.6M+81.2% | $41.2M+42.9% | $28.8M-8.6% | $31.5M-5.6% | $33.4M-0.1% | $33.5M |
| Retained Earnings | -$180.2M-3.8% | -$173.6M-3.8% | -$167.3M-0.9% | -$165.9M-5.9% | -$156.7M-3.3% | -$151.7M-3.2% | -$147.0M-1.5% | -$144.9M |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
LWLG Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.8M-43.3% | -$4.1M-22.6% | -$3.3M-4.3% | -$3.2M+15.8% | -$3.8M-8.0% | -$3.5M-11.3% | -$3.1M+12.6% | -$3.6M |
| Capital Expenditures | $1.1M+137.1% | $450K+19.0% | $379K+538.5% | $59K+46.9% | $40K-95.3% | $854K+157.1% | $332K-5.1% | $350K |
| Free Cash Flow | -$6.9M-52.7% | -$4.5M-22.2% | -$3.7M-14.1% | -$3.2M+15.1% | -$3.8M+12.3% | -$4.3M-25.2% | -$3.5M+12.0% | -$3.9M |
| Investing Cash Flow | -$49.9M-7923.2% | -$621K-5.2% | -$591K-163.6% | -$224K-118.0% | -$103K+88.6% | -$899K-114.5% | -$419K+33.0% | -$625K |
| Financing Cash Flow | $27.8M+158.1% | $10.8M-71.6% | $38.0M+133.9% | $16.2M+1637.3% | $935K-47.1% | $1.8M-59.3% | $4.3M+128.2% | $1.9M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
LWLG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | 95.4% | N/A | N/A | 86.5%-4.7pp | 91.1% | N/A | 94.6% |
| Operating Margin | -22195.2% | -23058.0% | -3629.3% | -17757.5% | -19137.6% | -21405.0% | -24879.3% | -23115.3% |
| Net Margin | -20194.2% | -21601.6% | -3486.6% | -17488.0% | -19397.1% | -20495.8% | -24150.3% | -23131.9% |
| Return on Equity | -6.3%+1.4pp | -7.8%-0.3pp | -7.4%+4.9pp | -12.4%+4.8pp | -17.2%-2.3pp | -14.9%+1.7pp | -16.6%-0.7pp | -15.8% |
| Return on Assets | -6.1%+1.2pp | -7.3%-0.3pp | -7.0%+4.4pp | -11.4%+3.9pp | -15.3%-2.1pp | -13.2%+1.5pp | -14.6%-0.4pp | -14.2% |
| Current Ratio | 62.84+28.8x | 33.99+1.3x | 32.69+1.6x | 31.06+10.3x | 20.72+4.1x | 16.62+0.9x | 15.75-8.7x | 24.48 |
| Debt-to-Equity | 0.040.0x | 0.060.0x | 0.060.0x | 0.090.0x | 0.120.0x | 0.130.0x | 0.130.0x | 0.11 |
| FCF Margin | -21035.2% | -15468.3% | -2319.2% | -11093.4% | -14881.6% | -18953.9% | -15134.1% | -17193.6% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Lightwave Logic Inc Ranks
Frequently Asked Questions
What is Lightwave Logic Inc's annual revenue?
Lightwave Logic Inc (LWLG) reported $237K in total revenue for fiscal year 2025. This represents a 147.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Lightwave Logic Inc's revenue growing?
Lightwave Logic Inc (LWLG) revenue grew by 147.7% year-over-year, from $96K to $237K in fiscal year 2025.
Is Lightwave Logic Inc profitable?
No, Lightwave Logic Inc (LWLG) reported a net income of -$20.3M in fiscal year 2025.
What is Lightwave Logic Inc's EBITDA?
Lightwave Logic Inc (LWLG) had EBITDA of -$18.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Lightwave Logic Inc's gross margin?
Lightwave Logic Inc (LWLG) had a gross margin of 97.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Lightwave Logic Inc's return on equity (ROE)?
Lightwave Logic Inc (LWLG) has a return on equity of -27.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Lightwave Logic Inc's free cash flow?
Lightwave Logic Inc (LWLG) recorded an outflow of $15.1M in free cash flow during fiscal year 2025. This represents a 15.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Lightwave Logic Inc's operating cash flow?
Lightwave Logic Inc (LWLG) recorded an outflow of $13.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Lightwave Logic Inc's total assets?
Lightwave Logic Inc (LWLG) had $79.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Lightwave Logic Inc's capital expenditures?
Lightwave Logic Inc (LWLG) invested $1.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Lightwave Logic Inc spend on research and development?
Lightwave Logic Inc (LWLG) invested $11.5M in research and development during fiscal year 2025.
What is Lightwave Logic Inc's current ratio?
Lightwave Logic Inc (LWLG) had a current ratio of 32.69 as of fiscal year 2025, which is generally considered healthy.
What is Lightwave Logic Inc's debt-to-equity ratio?
Lightwave Logic Inc (LWLG) had a debt-to-equity ratio of 0.06 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Lightwave Logic Inc's return on assets (ROA)?
Lightwave Logic Inc (LWLG) had a return on assets of -25.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Lightwave Logic Inc's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Lightwave Logic Inc (LWLG) held $69.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $13.7M over that year. Dividing the one by the other, the reported balance equals about 60 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Lightwave Logic Inc's Altman Z-Score?
Lightwave Logic Inc (LWLG) has an Altman Z-Score of 101.74, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Lightwave Logic Inc's Piotroski F-Score?
Lightwave Logic Inc (LWLG) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Lightwave Logic Inc's earnings high quality?
Lightwave Logic Inc (LWLG) reported a net loss of $20.3M while operations used $13.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.